Project Profile
Value: Undisclosed
Location: North Morondava Basin, The Mozambique Channel, Northwest of Madagascar
Area: 9,100 sq km
Start-up Year: -
Expected Monetary Value (EMV) 2015 - $0
Wessex holds a 70% beneficial interest in the offshore Juan de Nova Est Permit, comprising 9,100 sq. km in the Mozambique Channel, Northwest of Madagascar. Wessex has been designated as Operator, subject to the approval of the French Government Authorities; Global Petroleum Limited has a 30% interest. The first phase of the licence expires in December 2013. The permit lies in the narrowest part of the Mozambique Channel approximately 100 kilometres northwest of the very large heavy oil occurrences of Tsimimoro and Bemolanga in Madagascar and 300 kms from the Mozambique coast.
Following the 2012 reprocessing and interpretation of the 2001 seismic data purchased from TGS-Nopec, a review has been carried out of the petroleum systems of the area and adjacent parts of Madagascar. Specific areas of interest for further work have been identified in the permit. A petroleum systems review, including reprocessing of historic 2D seismic data, was completed earlier this year. Results appear to show a thick potentially prospective stratigraphic section in deep water in both the northern and southern triangles of the block which are encouraging enough to justify renewal.
Juan de Nova straddles the African continent and Madagascar. It is down-dip of a
proven oil and gas system onshore at the Tsimororo heavy gas field. The operator believes similar trends are likely to exist to the south in north-western Madagascar, with potentially more continental sediment having been deposited there in shallower water
Global Petroleum applied to extend the permit into its second phase in August 2013. With no progress in talks in the following two years, and with no prospect of a notification from the French authorities, the Board decided to withdraw its application. Global decided Juan de Nova ranked poorly compared with other interests and opportunities in its portfolio.
Wessex Exploration was later folded into Hague and London Oil (HALO), which maintained its application for a five-year renewal, with the right to take 50% interest if awarded.
Operators:
Hague and London Oil: 70% beneficial interest (awaiting extension as 50% shareholder)
Global Petroleum Limited: 30% interest (withdrawn)